At current levels, Credit Suisse suggests an upgrade is required to support the share price appreciation and this may be challenging in the current environment.
The broker remains concerned about high margins and rising competition. Still, the demand outlook is robust and the prospective market is growing.
Rating is downgraded to Neutral from Outperform, primarily because of the surge in the share price. Target rises to $30 from $22.
Sector: Software & Services.
Target price is $30.00.Current Price is $29.74. Difference: $0.26 – (brackets indicate current price is over target). If APX meets the Credit Suisse target it will return approximately 1% (excluding dividends, fees and charges – negative figures indicate an expected loss).